December 29, 2008

COUNTRY LIVING AT ITS BEST

Posted to Julie Sarton

In Wisconsin if your home is in the city limits of a municipality, you live in the city or village. If your home is located outside of that municipality, you live in a township. Many townships located around cities or villages offer the advantages of a rural, uncrowded setting with lower tax rates, yet are just minutes from a nearby downtown area. Some of these properties are in areas zoned residential (R), while others are areas with conservation (C) zoning. Conservation zoning in Wisconsin is meant to protect scenic, wooded areas from a dense housing population; the land must remain from 1 to 5 acres and cannot be split. Some conservation properties will also have areas of wetlands on them, and have further restrictions for building.

When looking for homes in a more rural setting around Lake Geneva, take a look at homes and vacant home sites in the Townships of Linn and Walworth on the south side of the lake, Geneva on the north side, and Lyons on the east side. A charming example of a 5.5 acre wooded vacant parcel with conservation zoning is my listing just 5 minutes north of Lake Geneva on Lost Creek Drive in Geneva Township. Private and scenic, this vacant parcel is sloped to accommodate a walkout, and shares this quiet neighborhood with only 6 other homes. Or, for a larger wooded lot with water frontage, my listing in Genesee Township is only 10 minutes away from the city of Waukesha. Enjoy 8.4 acres of white pine filled woods with 400 feet of frontage on historic Saylesville Mill Pond (45 acres), just waiting for your home. For more information on either of these lovely wooded, private sites, contact me at jsarton@keefgerealestate.com, where you can enjoy the serenity of the country so close to town.

Posted By: Julie Sarton



December 12, 2008

Mortgage Interest Rates Drop Again!

Posted to Geneva Lake Area , Julie Sarton

Local lenders around the Lake Geneva Area have reported new rates for a 30 year fixed rate mortgage from 5.3%, all the way down to 5%. Rates for first time home buyers with a 30 year fixed FHA loan are around 5.375%, and they only need 3% down (which can now be gifted from a family member). While rates are plummeting, restrictions are on the increase. Since mortgage insurance companies have tightened their requirements with lenders, however, if you put less than 20% down on a conventional loan, your debt to income ratio cannot be over 45%.

Further rate decreases may also be forthcoming; the Federal Reserve is considering a plan where they would purchase up to $600 billion of mortgage-backed securities and other debt issued by Fannie and Freddie and the Federal Home Loan Banks. Those institutions would then make cash available to the mortgage market for home loans, with the caveat that the resulting mortgage rates cannot exceed 4.5%. These mortgage loans would be available only for home purchases, and could not be used to refinance existing home loans at higher interest rates. Buyers seeking these low rates would have to document their income, and qualify for guarantees from Freddie Mac, Fannie Mae, or the Federal Housing Administration. Although this move would not benefit properties currently in foreclosure, the hope is that such low rates would stimulate buying and, therefore, reduce future foreclosures.

The potential for these low rates to stimulate the housing market is very positive. Once the housing market revs up again and some of the over-abundant inventory is depleted, the normal sequence is for housing prices, and perhaps interest rates, to increase with the demand. Now may be the best time in years to buy; we have many properties to choose from and sellers motivated to make the sale, local lenders ready to work with qualified buyers, and outstanding rates. For those waiting in the sidelines for the absolute bottom, the only way you really know it was the bottom is by looking in the rear view mirror….and then it’s too late! For information on local lenders, call me at 262-949-7651. Put me back to work…I’m ready!

Posted By: Julie Sarton



December 08, 2008

Winter sports in the Kettle Moraine State Forest

Posted to Area Attractions & Events, Julie Sarton

In a state full of natural wonders, one of its greatest treasures lies right at our doorstep. Beginning at Rt 12 near LaGrange and running northeast 100 miles is one of the Midwest’s most beautiful state forests, the Kettle Moraine. The Southern Unit is just a 15 minute drive from the Lake Geneva area, where the Nordic Trails offer 30 miles of scenic, groomed cross country ski (both traditional slide and skate skiing) and snow shoe trails. Choose among many loops with varying degrees of difficulty and distances of .7 to 9.2 miles. A warming facility, breathtaking snow-covered views, and well-marked one-way trails make it an exhilarating experience. A little farther north, close to Old World Wisconsin near Eagle, the McMiller Trails provide similar opportunities; both areas have mild trails suitable for novice skiers as well as challenging, steep trails for more experienced, adventurous skiers. While some enjoy a leisurely trek, stopping to take in the views and ambience, others lunge for speed with noses down and lungs burning from start to finish.

For those without skis or snow shoes, the LaGrange General Store on the corner of Hwy 12 and County H, two miles from the Nordic Trails, can rent you the equipment. Starting as an organic health food store and deli, it has expanded to provide ski, snow shoe, and bike rentals year round, new and used sales, accessories, and clothing. While you’re there getting your equipment, you can also pick up all the maps, trail passes and information, a steaming hot latte, and some energy snacks for your trek. Call (262)495-8600 or check out their website for more information on rental rates, trail maps, and locations at www.backyardbikes.com.

So get off the couch and get in the groove…literally! Treat yourself to a winter weekend in Lake Geneva and head up to the Kettle Moraine for some skiing or snow shoeing. It will leave you invigorated, tingling, and feeling slightly self righteous afterward as you sip a hot beverage in front of a dancing fire. To look at available vacation homes or condos while you’re in town, give me a call at 262-949-7651, or email me at jsarton@keeferealestate.com. Now is a wonderful time to buy!

Posted By: Julie Sarton



December 05, 2008

The Ice Man Cometh...and goes with the wind!

Posted to Area Attractions & Events, Julie Sarton

“ICEBOATING: the sport of sailing a specially prepared boat equipped with runners over ice.” A calm, methodical definition for a sport that its devotees consider the most exhilarating sport of all. When talking with an iceboater, words like “speed, addiction, adrenalin rush, invigorating, complex, and demanding” punctuate their speech. Their eyes light up and their body language twitches with excitement at the mere thought of flying across the ice, pushing the edge of control.

Ice boat design either places the steering mechanism on one of the two rear blade runners (“stern steerers”), or on the single front blade (“bow steerers”). Traditionally, iceboats are hand-built, according to specifications within the classes. Most of the stern-steerers racing on Lake Geneva today are older boats up to 55 feet long, loud on the ice, boasting sail areas of 250 square feet and more. The more contemporary bow-steerers are smaller, lighter, with much smaller sail areas, and have been clocked at 143 miles per hour and more.

Not only does the lake area of Walworth County historically have some of the best ice in the country for the sport, sometimes it has the only available ice in the country suitable for iceboating. The wind and the temperature here are often conducive to forming the perfect ice conditions. The bigger boats need 8-9 inches of thickness, while the smaller boats can operate on as little as 4 inches of ice. The ideal ice surface has a little texture to it for control, a wind speed between 5 and 25 miles per hour, and a minimum temperature of no less than 10 degrees. Ice boats on good ice will travel five to seven times faster than the speed of the wind. By December or sooner the small and shallow Lake Como is usually ready for iceboats, followed by Lake Delavan, and finally Geneva Lake in January. The timing is dependent on finding the perfect ice before heavy snow storms render it useless for the winter. The local Skeeter Iceboat Club in Williams Bay has a careful system of checking the ice conditions in different locations daily so that information is always available before anyone ventures out. The club also sponsors races weekly, and frequently hosts international, national, and Midwestern iceboat regattas; many spectators can be seen putting on their ice skates and visiting all the guest boats on the ice for fun.

So, if life seems a little too predictable and unexciting lately, think about suiting up and literally casting your fate to the wind on one of our lakes. You might find that stinging wind chills, the sound of blades ripping across the ice at high speeds underneath you, and the simultaneous tastes of fear and joy are irresistible!

Posted By: Julie Sarton



December 02, 2008

FINANCING YOUR HOME…..it’s easier than you thought!

Posted to Julie Sarton

With all the negative media coverage of the housing downturn and the stock market on a roller coaster, it’s difficult these days to get a clear picture of mortgage lending availability. Home buyers seem to be holding back from even looking, fearful that if they find their perfect home they won’t be able to obtain reasonable financing. While subprime and no documentation loans are a thing of the past, most banks are still eager to grant mortgages to credit worthy buyers.

Even after the financial volatility of the past six months, we continue to work with local lenders in Walworth County who are strong, solid, and eager to make mortgage loans. They are also familiar with area property values and appraisers, an important benefit to underwriters. Most of the banks our company highly recommends never fell prey to the subprime market, and so their parameters remain the same as they have all along. Buyers with credit scores of 720 or higher who are able to put 10% down will probably be unaffected by any recent changes in mortgage standards. With this said, it’s still advisable to be pro-active in positioning yourself to apply for a mortgage commitment. Take advantage of your access to a free annual credit report, and make sure there are no surprises or mistakes there. Get a pre-approval letter from your bank (have your W-2’s and previous year’s income tax return ready to submit) and, if it takes more than 30 days to sell or find a home to buy, make sure the pre-approval is still good since bank underwriting policies continue to fluctuate. Having a pre-approval letter also makes any offer to purchase look more attractive to sellers, and for many sellers today it’s a required part of the offer.

For buyers with less than 10% down and lower than 720 credit scores, there is also mortgage money available, contrary to the national doom and gloom that we hear daily. Our local banks all have custom programs with different criterion, varying rates and payback options. For example, several lenders currently have a program for first time home buyers, with only 2-3% down and a fixed rate available. It’s important to work closely with your lender to find a program that fits your needs and abilities; no one wants to repeat the chaos of the past six years. It’s also important to work closely with your real estate agent; Keefe agents can direct you to recommended and preferred local lenders that we have worked with for many years, and we know their track record. With a bountiful inventory to choose from, rock bottom prices, and historically low interest rates available, it’s a great time to buy!

Posted By: Julie Sarton